Spanish-Japanese company Univergy Solar has started a search for a financial partner to develop a 500MW floating offshore wind farm off north-east Scotland.
Univergy Solar said the Scotia Ventus project is designed to be operational and connected to the grid by 2028.
Development would take place from this year until 2025, with a two-year construction period between 2026 and 2028.
The company said that according to financial analysis the estimated total investment for the development period will be €32m, with €1.4bn needed for construction.
The return on investment on an annual basis will reach around 8.5%, Univergy Solar said.
Univergy Solar executive president and chief executive Ignacio Blanco said: “Scotia Ventus will require a financial partner or a final client willing to participate together with Univergy contributing with their financial experience in clean energies, to join them with our technological background of developers and constructors of renewables energies.
“Univergy will collaborate with the potential partners providing all the necessary due diligence and project studies from technical and cost-effectiveness outcome.
“But at the same time, we will require that the partner will support the project through demonstrating its financial capability to execute the development of the project and its commitment with it.”
Univergy Solar started development activities in October 2018 in order to submit an application for a lease option.
The company and its grid specialists in November 2018 met with the senior team from SSEN, which confirmed that there is significant capacity at the point to connect at least 500MW in 2028.